Visakhapatnam: The Task Force Police on Sunday arrested five members of a gang that was waiting to exchange old currency of Rs 500 and Rs 1,000 notes with new currency on commission basis in the city. The police seized Rs 1.48 crore in old Rs 500 and Rs 1,000 denomination currencies from the accused in a raid near Lakshmi Roy Lodge at Dondaparthi as well as near the PF office at Marripalem in the city.

The arrested were T. Ramesh Kumar of Visalakshina-gar, P. Reddi Raju and P. Satya Gopal of Seethammadhara in the city, B. Rupesh Kumar of Vijayawada and B. Appalanaidu of Hyderabad.

ACP (Task Force) I. Chittibabu said though the possible ways and venues for exchange of scrapping currency notes of Rs 1,000 and Rs 500 denominations have been closed, Vizag city is still attracting people to exchange the old currency.

“The NRIs are the only source but they have to declare the cash at the immigration the moment they land at the airport. Acting on a tip-off on the exchange of new currency with old currency on a 30:70 ratio, we have conducted raids and seized the cash from the accused. On enquiry, it was revealed that Ramesh Kumar had arranged Rs 62 lakh worth of old currency for exchange with new currency through Peddi Raju and Satya Gopal on a commission basis. Rupesh Kumar and Appalanaidu of Vijayawada and Hyderabad had brought old currency worth Rs 86 lakh for exchange with new currency on a 25:75 ratio,” said Chittibabu.

The accused have been handed over to Inspectors of MVP Colony Police Station and Airport Police Station on points of jurisdiction for further investigation.